Cantor Fitzgerald Announces Agreement With Chicago Mercantile Exchange to Provide Direct Access to US Treasury Cash Market.NEW YORK--(BUSINESS WIRE)--July 2, 1998--Cantor 1. (person, mathematics) Cantor - A mathematician. Cantor devised the diagonal proof of the uncountability of the real numbers: Given a function, f, from the natural numbers to the real numbers, consider the real number r whose binary expansion is given as follows: for each natural number i, r's i-th digit is the complement of the i-th digit of f(i). Thus, since r and f(i) differ in their i-th digits, r differs from any value taken by f. Fitzgerald announced today that it has reached an agreement with the Chicago Mercantile Exchange (CME CME - Christian Methodist Episcopal (church) CME - Coronal Mass Ejection CME - C4I Maritime Extensions CME - Cache-Miss Exception CME - Cadet Medal of Excellence (Canadian Cadet Organization and Royal Canadian Legion) CME - Camera Module Electronics CME - Canadian Manufacturers and Exporters CME - Caribbean Music Expo CME - Carmel Middle School (California) CME - Center for Management and Entrepreneurship) to provide exchange members Exchange members See: Member firm; seat with direct access Early Direct Access DevicesNCR's CRAM (Card Random Access Memory) units, available on its 315 computers in 1962, were very successful direct access storage devices. They used cartridges that held 5.5MB. By the end of the 1960s, magnetic disks became mainstream. See CRAM for more details. (Image courtesy of NCR Corporation.) to the firm's US treasury cash market via Cantor Fitzgerald brokers located on the floor of the CME, equipped with Cantor Direct(tm). Cantor Direct(tm) is a remote access terminal, currently operated by Cantor Fitzgerald brokers, providing direct access to the Cantor Fitzgerald Trading System (CFTS CFTS - Contracted Flying Training and Support CFTS - Contracting File Transfer Support), the firms's proprietary Interactive Matching(tm) system. An innovative, rule- based matching system, CFTS brings the benefits of traditional trading to an electronic arena. Cantor Fitzgerald introduced CFTS to its New York trading floor in February 1996, becoming the first US Treasury inter-dealer broker to move from open outcry to electronic matching. CFTS enables Cantor Fitzgerald brokers to provide their customers with even faster, more efficient trade execution, as well as enhanced trade information. Cantor Direct(tm) extends that capability worldwide, giving customers in Chicago, London, Toronto (and later this month Tokyo) the same direct access to the market as the firm's New York customers. "Cantor Direct(tm) will provide qualified CME members with the fastest and most direct access to the wholesale US treasury cash market," said Howard Lutnick, Cantor Fitzgerald's President and CEO. "The addition of this potentially active customer base will bring added depth and liquidity to Cantor Fitzgerald's US Treasury market, benefitting all our US Treasury market customers." "This is our third alliance with a major international exchange in the past year which is aimed at blending the technology and distribution expertise of Cantor Fitzgerald with the product, facilities and clearing capabilities of various exchanges," said Debra Walton-Collings, Cantor Fitzgerald's Managing Director. Access to Cantor Direct(tm) for qualified traders on the floor of the CME will be available via the exchange's new Traders Instant Treasury Access Network (TITAN). "TITAN is expected to further stimulate activity and increase the depth of all our interest rate products, especially our flagship eurodollar Eurodollar U.S. dollar-denominated deposits at foreign banks or foreign branches of American banks. By locating outside of the United States, eurodollars escape regulation by the Federal Reserve Board.Notes: Originally, dollar-denominated deposits not subject to U.S. banking regulations were held almost exclusively in Europe hence the name eurodollars. futures," said CME Chairman Scott Gordon. "The
access to cash markets Cash markets Also called spot markets, these are markets that involve the immediate delivery of a security or instrument. Related: Derivative markets. for our members will be good news for all users
of our markets."Cantor Fitzgerald is the world's largest electronic marketplace for US and International Sovereign debt and Eurobonds, and is also one of the largest "third market" equity firms in the US stock market. The firm is also a member of the Chicago Mercantile Exchange Chicago Mercantile Exchange (CME) Chicago Mercantile Exchange (CME) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. Founded in 1898 as a not-for-profit corporation, in November 2000 CME became the first U.S. financial exchange to demutualize and become a shareholder-owned corporation.,
Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options., London International Financial Futures Exchange,
the London Metals Exchange and Deutsche Terminborse. Cantor Fitzgerald
is headquartered in New York City and employs 2,300 people in 15 offices
worldwide.
CONTACT: Cantor Fitzgerald, L.P. New York
Debra Walter-Collings, 212/938-7235
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